Century Aluminum's Production Leap: $500M Boost To Forge The First New US Primary Aluminum Smelter In 45 Years
Portfolio Pulse from Shivani Kumaresan
Century Aluminum Company (CENX) is set to negotiate for up to $500 million in funding from the U.S. Department of Energy for a new aluminum smelter, marking the first new U.S. primary aluminum smelter in 45 years. This project, part of the Industrial Demonstrations Program, aims to decarbonize energy-intensive industries, strengthen local economies, create jobs, and reduce greenhouse gas emissions. It is expected to double the size of the current U.S. primary aluminum industry and create over 6,500 jobs. CENX shares rose 3.03% in premarket trading.
March 25, 2024 | 12:03 pm
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Century Aluminum is poised to receive up to $500 million in funding for a new aluminum smelter, aiming to decarbonize and expand the U.S. aluminum industry.
The announcement of up to $500 million in funding for Century Aluminum to build a new smelter is a significant positive development. It not only highlights the company's commitment to decarbonization and innovation but also positions it as a leader in the U.S. aluminum industry's expansion. The project's potential to double the size of the current industry and create over 6,500 jobs adds to its positive impact. The premarket share price increase of 3.03% reflects investor optimism about the project's implications for Century Aluminum's future growth and profitability.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100